Is It Too Late to Buy Polygon? MATIC Price Shoots Up 11% and This Lesser Known Crypto May Be Next to Explode
Polygon (MATIC) is bouncing back amid major proposal progress towards Polygon 2.0 and a surge in whale MATIC transactions – leaving some asking ‘is it too late to buy Polygon?’.
The dramatic resurgence comes as number of PIP governance proposals (PIP-24 and PIP-25) have been unveiled, with both proposals aiming to update the token burn system needed for Polygon 2.0.
Today, as a result of community consultations, POL contracts will be live on Goerli testnet.— Polygon Devs 📍 DevX Global Tour (@0xPolygonDevs) October 4, 2023
A major step towards bringing Polygon 2.0 to life.
Based on the community’s feedback during the PIP governance process, PIP-24: Change EIP-1559 Policy & PIP-25: Adjust POL Total Supply,… pic.twitter.com/li8OF0o3jC
MATIC Price Analysis: Is it Too Late to Buy Polygon After Whale Surge?
As price action pushes up, MATIC is currently trading at a market price of $0.58 (representing a 24-hour change of +3.72%).
The bounce was triggered by reclamation of vital lifeline support from the 20DMA, which had acted to suppress upside movements for 68-days since July 24.
Bolstered by the supportive foothold on the 20DMA, MATIC has pushed up +10.3% since Sunday.
The 200DMA now forms a higher-level target, at $0.77 – a level which would see MATIC regain August’s technical posture.
As for Polygon’s indicators, the RSI has risen substantially on the recent uptick, now stood overheated at 62.84 – this could suggest a need to consolidate or retrace on the short-time frame.
However, the MACD remains with minor bullish divergence at 0.0090 – reflecting the growing momentum fuelled by whale transactions.
Overall, MATIC looks poised here, with bullish posturing above the 20DMA taking aim at the 200DMA – upside seems likely following a brief consolidation at current levels.
This leaves Polygon with an upside target below the 200DMA at $0.71 (a potential +21.66%).
While downside price action faces a potential tumble back to lower trendline support at $0.50 (a possible -13.98%).
MATIC therefore has a risk: reward of 1.55 – a strong entry characterised by decent upside potential.
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